Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act

Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act

This bill repeals the 15% alternative minimum tax on corporations enacted by the Inflation Reduction Act of 2022.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 5017 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 5017

            To repeal the corporate alternative minimum tax.


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                   IN THE SENATE OF THE UNITED STATES

                           September 29, 2022

Mr. Barrasso (for himself, Mrs. Blackburn, Mr. Boozman, Mr. Braun, Mr. 
 Cassidy, Mr. Crapo, Mr. Lankford, Ms. Lummis, Mr. Portman, Mr. Risch, 
   Mr. Toomey, Mr. Young, Mr. Wicker, and Mr. Hoeven) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

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                                 A BILL


 
            To repeal the corporate alternative minimum tax.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Repealing the Ill-Conceived and 
Problematic (RIP) Book Minimum Tax Act''.

SEC. 2. REPEAL OF CORPORATE ALTERNATIVE MINIMUM TAX.

    (a) In General.--Sections 10101 and 13904(a) of Public Law 117-169 
are repealed.
    (b) Applicability.--The Internal Revenue Code of 1986 shall be 
applied and administered as if such sections (and the amendments made 
by such sections) had not been enacted.
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